I am 32. I don’t have a financial literate human being in my family tree, or friend group. I’ve been using ChatGPT for help, but question its suggestions, because everything I type in (even if contradicting to what it suggests) it agrees to. I have no credit debt (filed BK last year). Haven’t had a CC since. I got a big tax return this year… big for me, ha… I want to save for retirement (something my parents never did) and also grow my money… ChatGPT suggested Roth IRA. So I put $5K into a Roth IRA in fidelity. It was suggested by fidelity to put that into VTTSX. Is this a good choice for me? I’m so beginner, with zero knowledge. My goals: have money for retirement, and grow my savings for maybe money before retirement. I plan to put all my tax returns into this account but have no idea what I’m doing. The different in stocks EFTS mutual funds index funds bla bla all gibberish to me. What should I invest this money into? Thank you.
Financially Ignorant – Fidelity Roth IRA
byu/Longjumping_Bad_9066 inpersonalfinance
Posted by Longjumping_Bad_9066
2 Comments
Dont buy non-Fidelity mutual funds at Fidelity, as that will generally generate unnecessary fees. So assuming 2060 is around the year you expect to retire, buy FDKLX instead, that is Fidelity’s 2060 fund.
> I’ve been using ChatGPT for help
When you don’t know the domain, it’s very risky to trust advice from ChatGPT. Lots of reasonable-seeming output that could be fatally incorrect.